S&P 500 Weekly Price Forecast – E-mini S&P 500 Contract Has Negative Week

S&P 500 Weekly Forecast Video for 13.02.23

S&P 500 Weekly Technical Analysis

The E-mini S&P 500 has initially rallied during the week but gave back gains to show signs of hesitation. At this point, it’ll be interesting to see how this plays out, but I do think we are more likely than not going to see a bit of a pullback. The 50-Week EMA currently sits at the 4029 level and will attract a certain amount of attention. After that, we have the previous downtrend line and of course the psychologically important 4000 level. Anything below there could send this market back down to the 3800 level again.

On the other hand, if we can break above the 4200 level, then it’s possible that the S&P 500 takes off for another 100 points. While I don’t necessarily think that happens, it is a very real possibility. In that scenario, we would obviously have a huge “risk on” move, and a lot of people would be jumping into not only this market, but several other ones.

As things stand right now, I do think that a pullback makes a certain amount of sense, especially as earnings season is going on and the Federal Reserve continues to be very tight with monetary policy, despite what the traders on Wall Street want to believe. It looks as if it is only going to take some type of event to make this thing fall apart. Volatility has been picking up as of late, so I would anticipate a move in the next candle were to that could be followed. Either way, I will let the market break out of its range and then simply follow.

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